We live in a fast paced world where several people are moving continents and countries for education, employment, or just to settle down at a place that they find better than the one they currently reside in. If you are one among them, you would probably be looking for ways to instantly transfer money internationally for different purposes.
BookMyForex offers excellent international money transfer options for a variety of purposes like University tuition fees, medical expenses for family, maintenance money for your loved ones, or for anything else. Within just 24 hours, you can transfer money to any part of the world conveniently by using the services provided by BookMyForex.
This guide about international money transfers will give you a clear picture about how you can transfer money abroad and what are the prerequisites for doing the same.
The amount you transfer needs to be under USD 250,000 in a financial year.
It takes 12- 48 business hours for the transfer to be completed
You can Transfer Money Overseas to the below-mentioned persons:
(a) Members of your Hindu undivided family.
(b) Your spouse.
(c) You are related to the beneficiary in any of the manners indicated below:
Remitter has to be an Indian resident and present in India. Remitting account should be a savings account of the remitter.
There are a few situations wherein the limit of USD 250,000/year can be exceeded. For a higher international fund transfer to your close relatives, you need RBI’s approval. You can get this by submitting all the necessary documents proving the need for extra monetary assistance.
The amount you transfer needs to be under USD 250,000 in a financial year.
It takes 12 - 48 business hours for the transfer to be completed
Under special cases, if you wish to increase the limit of the amount per year, you will need to submit a formal request from the concerned university. When you submit the request, ensure that you have included all the relevant details including Name of the Student, Student ID, and reference number of Admission.
The transfer limit of funds for foreign investment is USD 250,000 per financial year.
It takes 12- 48 business hours for the transfer to be completed
Although foreign investments can be made by individuals, it is generally an endeavor pursued by corporations or companies who have substantial assets and are on the lookout to extend their reach.
More often than not, foreign investments would require you to submit additional documents apart from the ones mentioned above. If you or your company haven’t had an account with a particular bank for more than a year, you may be required to submit the following documents additionally.
You can transfer upto USD 250,000 in total in a financial year for immmigration
It takes 12- 48 business hours for the transfer to be completed
If any individual requires to transfer more than the limit of USD 250,000, a proof of estimate needs to be submitted by the concerned country of immigration. You cannot remit any particular amount outside India to gain eligibility or get credits or points for immigration. Such fund transfers would need special permission from the Reserve Bank of India. Only incidental expenses come under this section for transfer. Capital transactions like investment in foreign lands, government bonds, or commercial enterprise, do not qualify for immigration remittance.
For medical treatment, the overall limit for international fund transfer is USD 250,000 in a financial year
It takes 12 - 48 business hours for the transfer to be completed
The remitter needs to be a Resident Indian. Remitting account should be a savings account of the remitter.
If an amount greater than USD 250,000 is required to be transferred, you will need to provide a letter from the concerned doctor in India or abroad detailing the estimate of total cost for the medical treatment. Several financial institutions have been given the license by RBI for international fund transfers for medical treatments. It is always better to approach such an authentic service provider with an authorized license to avail better services.
USD 250,000 is the overall limit for fund transfer for traveling or booking your tour.
It takes 12 - 48 business hours for the transfer to be completed
Any Indian visiting foreign countries other than Bhutan and Nepal are eligible for fund transfer for traveling or booking your tour. Remitting account should be a savings account of the remitter.